Gold price today: Rates jump on positive global cues; US jobs data in focus; experts unveil strategy for MCX Gold | Stock Market News

Gold price today: Gold rates climbed in the domestic futures market in the morning session on Friday, January 10, amid positive global cues. However, rising US bond yields and a strengthening US dollar capped the precious metal’s gains. MCX Gold traded 0.22 per cent higher at ₹78,272 per 10 grama around 9:15 AM on Friday.

Gold prices hovered near a four-week high in international markets. According to Reuters, the yellow metal is poised for its best week since mid-November. However, US treasury yields near eight-month highs loom as a key risk for gold prices.

The focus is now on the US jobs data, to be out later today. This will influence expectations about the US Federal Reserve’s interest rate path in the near future.

Recent US macroeconomic data indicated strength in the US economy, suggesting that the Federal Reserve’s rate cut trajectory could be narrower this year. Additionally, there are concerns that President-elect Donald Trump’s tariff policies could drive up inflation, further reducing the likelihood of rate cuts.

Gold tends to gain during times of economic slowdown and rate cuts.

Experts’ strategy for MCX Gold

Experts expect gold prices to remain volatile in the near term. However, they remain positive about the yellow metal for the medium to long term and advises buying the yellow metal on dips.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $2,652-2,640 and resistance at $2,685-2,698. Silver has support at $29.95-29.75 and resistance at $30.40-30.55.

In INR terms, Kalantri said gold has support at ₹77,980-77,750, while resistance at ₹78,370-78,550. Sliver has support at ₹91,110-90,470 while resistance at ₹92,450-92,980.

According to brokerage firm Motilal Oswal Financial Services, MCX Gold may trade with a positive bias for the session. Support is placed at ₹78,080-77,800, whereas resistance is at ₹78,550-78,800, said the brokerage firm.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.